Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 38.50 points at the opening bell. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for March 2013 today, 3 April 2013. The HSBC services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 54.2 in February from a one-year high of 57.5 in January. Services make up over 60% of India's economy.
Sterlite Industries said after market hours on Tuesday, 2 April 2013 that Supreme Court of India vide its judgment dated 2 April 2013 has allowed the appeal of the company and set aside the judgment of the Madras High Court order dated 29 September 2010 vide which the company's Tuticorin Smelter was ordered to be closed. The company had appealed against the Madras High Court order closing the Tuticorin Smelter (Unit). The Apex Court had initially stayed the Madras High Court judgment vide interim order dated 1 October 2010. The Apex Court had appointed a team of NEERI, TNPCB and CPCB to carry out inspection of the Unit. NEERI submitted its report confirming that the Unit meets the required standards and made certain recommendations for improvements which were implemented.
The Supreme Court after being satisfied has allowed the appeal of the company. The Apex Court as part of environment commitment of the company has asked the company to deposit Rs 100 crore to the Collector, Tuticorin. This money will be kept in a Nationalized bank and the interest will be used to improve the air and water environment of Tuticorin, Sterlite said.
The company said it will continue to work in close association with the state government of Tamil Nadu and other regulatory bodies, towards maintaining highest standards of Health, Safety and Environment."
Mahanagar Telephone Nigam (MTNL) said after market hours on Tuesday, 2 April 2013, that the company has floated Non-convertible Debentures (in the form of Bonds) at the rate of 8.57% Semi-annual, under Sovereign Guarantee, on private placement basis, which has been subscribed to the extent of Rs 1005 crore.
Zee Entertainment Enterprises said after market hours on Tuesday, 2 April 2013, that the company has bought back 48.12 lakh shares at an aggregate amount of Rs 59.35 crore, equivalent to 21.20% of the maximum buyback size of Rs 280 crore so far under the buyback programme. The buyback programme will close at the close of trading hours on 3 April 2013.
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Key benchmark indices edged higher for fourth day in a row on Tuesday, 2 April 2013, as gains in European markets boosted market sentiment. The S&P BSE Sensex jumped 176.20 points or 0.93% to settle at 19,040.95 on that day, its highest closing level since 18 March 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 45.41 crore on Tuesday, 2 April 2013, as per provisional data from the stock exchanges.
The Q4 March 2013 corporate earnings season will begin around mid-April 2013. Infosys announces Q4 results on 12 April 2013. IndusInd Bank announces Q2 results on 18 April. HDFC Bank announces Q4 results on 23 April 2013. Axis Bank will announce its Q4 March 2013 results on 24 April 2013. ICICI Bank announces Q4 results on 26 April 2013.
Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms will result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 30 June 2013, while the deadline for state-run firms is 31 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
The India Meteorological Department will issue its first forecast of 2013 southwest monsoon in this month.
The second half of the Budget session of the Parliament begins on 22 April 2013. The Budget Session of the Parliament ends on 10 May 2013. The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008.
Assembly elections will be held in Karnataka on 5 May 2013 and the counting of votes and results of the election will be declared on 8 May 2013.
Most Asian stocks gained on Wednesday led by a surge in Japanese equities as the Japanese central bank began a two-day policy meeting. Key benchmark indices in China, Hong Kong, Japan, Indonesia and Taiwan rose by 0.06% to 1.7%. Key benchmark indices in Singapore and South Korea shed by 0.05% to 0.46%.
China's official purchasing managers' index (PMI) for the non-manufacturing sector rose to 55.6 in March from 54.5 in February, adding to signs of a modest uptick in the world's second-largest economy.
US stocks gained Tuesday, with the Dow Jones Industrial Average and S&P 500 hitting record closing highs, as health insurers rallied on Medicare-reimbursement news and US factory orders rose in February.
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